03/21/2022
◽️When it comes to qualifying for the best credit cards or even renting an apartment, your credit score matters.
◽️While establishing a good credit score is a vital piece of your overall financial picture, there are many common misconceptions about what does affect your credit score.
👉🏾Will I have a bad impact on my credit score if I check it regularly?
No! Though 93% of millennials are aware of their credit score, this is probably the most common myth. Monitoring your score helps you track progress when building credit, but it is important to check it the right way. Checking your credit score is considered a “soft pull,” which doesn’t affect your credit score. Actions, such as applying for a credit card, which requires a “hard pull,” temporarily dings your credit score.
👉🏾Will I have a bad impact on my credit score if I have a low income?
No! Your salary and income are considered measurements of your capacity to pay bills, not your potential credit risk. While it’s good to know that the size of your paycheck has no influence on whether you have good or bad credit, you should know what does impact your score. Variables include your payment history, amounts owed (utilization rate), length of credit history, new credit (how often you apply for and open new accounts) and credit mix (the variety of credit products you have).
◽️Contact us today for more information:
🔗www.NeueLifeFinancial.com
📞888-615-5523
📧[email protected]